We provide local & international businesses with transparent & dynamic commercial property services. We draw on over 8 years of expertise in the local commercial property market. We deliver best value commercial space in prime Sofia locations to help optimise your business in Bulgaria. Dynamic Space is a British owned & managed, full service agency. As managing agents we provide commercial property services to both local business & those relocating from overseas.

Saturday, 21 February 2015

Give your business a strong market presence, with a compact,
stylish office offering great value! Plugs your business into key downtown Sofia business network.
Great for start ups, attractive working environment for staff & clients.

Tuesday, 3 September 2013

A whole new district with a residential complex and a business project will be erected in the capital, next to the Sofia Ring Mall near Bulgaria's sole IKEA store.GreekinvestorsFourlis and Danaos plan to invest EUR 70 M in a residential complex and a further EUR 50 M in a business project, both part of the EUR 300 M Sofia Ring Development.Sofia Ring Development is scheduled to be fully completed in 2019.
Sofia Ring Mall, which is to become Bulgaria's largest retail and entertainment destination together with the closely located store of IKEA Bulgaria, will be the first building to be unveiled in the mega complex in about a year.The shopping center will provide to its customers views towards the city and Vitosha Mountain and a lot of green areas.

It
will feature a tenant mix of over 200 stores, including fashion and
sport stores, entertainment facilities, a 10-screen cinema multiplex.
More than 25 000 sq meters of gross leasable area are slated to anchor
tenants and more than 20 000 sq meters to fashion brands. In total Sofia Ring Mall will have 69 000 square meters of GLA (gross leasable area), and 172 000 square meters of gross built area on 3 retail floors.

One of the biggest advantages of Sofia Ring Mall
is that it's a unique cluster of "big box" operators working in synergy
with a classical "shopping mall" mix, making it and all-in-one offer
catering all needs of visitors, the investors say.

Friday, 1 March 2013

Bulgaria's lawmakers have accepted legislative amendments banning construction activities on sanddunes across the country's Black Sea coast.
The amendments were proposed by Bulgaria's Regional Development Ministry in January.
The scandal with construction activities on 29 decares of protected sanddunes between Ravda and Nessebar on the Black Sea coast erupted in the last days of 2012 when environmentalists said that the area was part of the Aheloy-Ravda-Nessebarprotected area from the Natura 2000.
As a result, it became clear that the area was sold without a tender
based on an older law that was in force until 2010. The new Forestry Act,
passed in 2011, technically does not provide any way of selling State
land without tenders but it said it allowed procedures that started
before 2010 to be completed under the older law.
In the aftermath, Prime Minister, Boyko Borisov, ordered Bulgaria's Ministers of Regional Development, Agriculture, and Environment to update the Forestry Act, the Environmental Protection Act, the Biological Diversity Act, and the Black Sea Coast Organization Act "so that such deals and construction projects couldn't be allowed."

Trust capital is King when it comes to procurement/tenanting any immovable asset and it is all too often lacking in Sofia.

As a British owned enterprise we provide clients with a unique perspective acting as a
reassuring 'cultural bridge' after 9+ years on the ground here in
Sofia. This experience acts as a significant USP giving Dynamic Space (Commercial Property) a resonance with clients that few other ''brokeri-shmokeri''
can match.

The state of leasing services as delivered to the international
business community in Sofia, is in the main, lamentable. All too often it feels like we are standing on the shoulders of Pygmies rather than Giants when it comes to
improving the service culture in the local real estate sector.

The experience of working with so called 'colleagues', more interested
in pushing unsuitable assets on clients and their commission, rather than tailoring a property search to the precise needs of their clients, is less than inspiring.

At Dynamic Space (Commercial Property) we offer a value added service with a skill set that reaches beyond door opening. We offer
surveying, fit-outs and project management to BREEAM / LEED / BOMA / RICS standards via our network of professional associates and strategic alliances.

Our
insight into local construction impact our clients for the good & we look forward
to making a difference! Let us know, what is your experience of
Real Estate professionals in Bulgaria?

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space the commercial property experts:

Wednesday, 30 January 2013

The public tenderprocedure for the privatization of VMZ Sopot, Bulgaria's largest, but troubled defense industry plant, will conclude in just two months.
The statement was made Monday by the country's Economy and Energy Minister, Delyan Dobrev.
All bidders are required to submit certificates for access to
classified information and proof of having the required qualifications.
They must hold licenses for both weapons trade and manufacturing.
Dobrev informed Monday that there are three bidders, all Bulgarian
companies, and all are already cleared by the National Agency for State
Security, DANS, thus the period has been shortened to two months instead
of the previous 165 days.
The Minister did not reveal the names of the bidders, only saying
these were strategic investors. The winning bid will be selected on
basis of the most economically sound and profitable offer for the
company.
The tender gives guarantees that the activities of the plant, and the
salaries of workers will remain unchanged and that there would not be
any layoffs.
The deadline to sell 118 000 000 shares from the plant or 100% of its
capital, which was already extended once, expired at 5:30 pm on Friday,
August 24.
I was reported earlier that documents were purchased by the Sofia-based Sage Consulting SA and Emko Ldt, the Ruse Dunarit SA and by lawyer Tihomir Trendafilov from Sofia.
The information was reported by the State privatization agency.
According to a check of the Trade Registry, conducted by the Bulgarian 24 Chassa (24 Hours) daily, Dunarit
SA deals with design, manufacturing and trade of military products,
industrial explosives, equipment for repair and maintenance of railroad
tracks, plastic and metal parts, and utilization of ammo. It is linked
to the President of Corporate Commercial Bank, Tsvetan Vassilev.Sage Consulting deals with a wide range of activities such as weapons trade, ammo, real estate, and construction. Emko
is also involved in a variety of activities such as legal, financial,
business, translating consultations and services, creation, restoration
and trade of art objects, ownership of art galleries, and repair of munitions, among others.
Attorney Trendafilov told 24 Chassa that he represents a foreign
client from the defense sector, but added the latter wants to remain
unidentified for the time being.
The evaluation criteria for the offers would be the proposed purchase
price, investments and job openings. The deposit for participation is
set at EUR 3 000 while the deadline for the bids is December 27 2012.
In the years prior to 2012, VMZ Sopot has been plagued with workers' unrest over delayed salaries and the plant's struggling finances.
Candidates applying to buy VMZ Sopot will be eligible to bid
for it if they demonstrate they have enough funds to cover its mounting
debts, totaling some BGN 140 M, according to the strategy for the privatization of VMZ Sopot adopted by the Bulgarian Parliament in 2011.
The VMZ Sopot plant employs 3 700 workers. It is located in
the town of Sopot in central Bulgaria, which is the birthplace of
Bulgarian writer and poet Ivan Vazov, after whom it was named. The plant
was founded in 1936, and during the communist period was developed into
a large-scale military industrial unit.VMZ Sopot produces anti-tank guided and unguided missiles,
aviation unguided missiles, artillery ammunition, fuses. It also
manufactures civilian products – it makes diamond tools, abrasive discs
and grinding wheels, gas cylinders, food industry equipment, and
household appliances.VMZ Sopot has been in a troubled financial condition in the last few years. In 2007, Bulgaria's Privatization
Agency started to sell some of the plant's assets in order to cover
part of its debts; some of its assets were also sold at the beginning of
2009.
The bulk of the Bulgarian military-industrial complex was created
during the communist period when the People's Republic of Bulgaria made
lots of cash by selling arms mostly to developing countries. Together
with the former USSR and the former Czechoslovakia, Bulgaria was the
third COMECON member specializing in the defense industry.Article courtesy of Novinite

To rent offices with a service you can trust, in Bulgaria, contact the Dynamic Space property experts:

Visit the Dynamic Space (Commercial Property) Website.Sofia Airport Center which was
officially opened on Thursday is Bulgaria's first Leadership in Energy
and Environmental Design (LEED) commercial development.
The project, when built out, will consists of 180,000 square meters
of Class A office space and 28,000 square meters of logistics and
warehouse space, which is already operational and 100 percent occupied.
The construction of a hotel with 175 rooms and new office and logistics
buildings are planned for the future.
"Tishman International is a leader in innovative technologies
and sustainable development and has always taken care of its tenants in
the best possible way", said Alan D. Levy, Chairman of Tishman
International. Our Bulgarian project is a model for high-quality
construction not only in the Eastern-European region, but in Europe as a
whole. In Bulgaria we have a well-trained team, under the directory of
Julian Edwards, Managing Director – Europe for Tishman International, which worked very hard, so that now we can all be proud with Sofia Airport Center", he added.
All tenants who sign Letter-of-intent by the end of the year in the
new business center will be able to use the complimentary services of
professional architects and will be provided with furnishings for their
multipurpose space at no additional charge. "This is an integral part of
our program to stimulate companies to offer zones for relaxation, as we
believe this will increase the level of motivation and creativity of
the employees", said Mrs. Olga Stoichkova, SAC's Leasing Manager.
"Reducing energy consumption is of extreme importance to commercial
buildings in the capital, not to mention the fact that it preserves the
environment. I am conviced that business parks such as Sofia Airport Center are only the beginning of a new construction era in the capital, one that will contribute to a cleaner and nicer city. "Tishman is giving us a good lesson, one that we should learn", said the Mayor of Sofia, Jordanka Fandakova.SAC incorporates environmentally friendly materials with
state-of-the-art technologies to reduce operating costs as much as 30%
and provide a comfortable, healthy environment for employees.
Sustainable features include an energy-efficient Variable Air Volume
(VAV) HVAC system, controlled by an automated building management system
(BMS); advanced fiber optics; abundant natural light through open
atriums and double-gazed windows; height, 2.85-meter ceilings; and solar
shading on building exteriors to reduce heat and solar gain.Tishman has also established an onsite sports facility within the Logistics Center of SAC. The fully equipped Dance and Aerobics Studio, which is open to all SAC
employees and community residents, offers a variety of after-work
training classes, including zumba, tae-bo, yoga and Bulgarian national
dances.
"This technologically advanced commercial development features
Western European/U.S-style onsite management services, which has
attracted a roster of prestigious international companies that have
chosen SAC for their regional or national headquarters", noted Julian Edwards.Tishman International Companies is currently active in the
United States, United Kingdom and Central & Eastern Europe including
Bulgaria, Hungary, Czech Republic, Slovakia and Romania. The firm
specializes, in the acquisition, development, management and financing
of commercial real estate. Tishman has been a consultant and
joint venture partner to some of the world's leading institutions and
private investors and has recently been appointed by a UK Fund to
provide asset and development management services for a portfolio of 12
properties located in Romania, Hungary, and Slovakia.
In 1986, Tishman International established its European
headquarters in London, England. Since then, the company has developed
and managed in excess of six million square feet of premier office and
commercial space in the United Kingdom. Additionally, Tishman has
provided acquisition and management expertise for millions of square
feet of prime real estate assets in Europe, including several
Supermarket Centres in the Czech Republic for an International
Supermarket Company. Its prestigious roster of clients and partners has
included Metropolitan Life, New York Life, Teachers Insurance, Bank of
America, Grosvenor International, Citibank, American Express, Fidelity
Investments, Lend Lease, HVB Real Estate, and many others.

An exclusive interview with Alan Levy, Chairman of Tishman International Companies, on the occasion of the Grand Opening of Sofia Airport Center, a EUR 350 M office and logistics development, including the formal inauguration of the first ever LEED-certified Class A office building in Bulgaria.You've spent lots of money, time, and efforts on this investment. Now that it is completed, is it what you expected it to be?
Yes, it's turned out to be what we called the wow factor. Did you
park on the parking lot, and walk up the Spanish steps, as we call it?

Yes.

What was your impression when you got up there?It is impressive. I don't think I've seen anything like that in Bulgaria.
You have not, and you won't for a long time. That was our intention –
to create something that had never been done before – both in terms of
the building itself, with technology and mechanical systems that we have
for creating the eco-friendly, LEED-certified building, to the
landscaping, the exterior, and the whole ambience; to create an
impression and an atmosphere that is different from anything else – very
relaxing, very suburban.

What did it take in terms of effort?
When we are finished developing the entire Sofia Airport Center,
the investment will total about EUR 350 M, which is probably, as far as
we know, the largest private investment of its type in Bulgaria. We are
proud of that.
We wanted to create something big, different, with international
flavor; something for which the international tenants would come, which
is our target for them, so that what they see will be closer in quality
and facilities to what they would experience in their home country.; so
that down the road an international investor would look at it and see
that it is of the quality according to the highest EU standards and the
local Bulgarian standards, with some American and English touches to it.

The market seems pretty tough. Your establishment here is one
of its kind for the region but do you have any concerns about the
market?
Well, we wish it was 2007 again, and 2008-2010 didn't happen but you
can't control the world. We didn't envision that we would have the
crisis that we had, and we thought the market would continue to be
robust as it was when we first started out in 2004. But we see strengthening signs now. We are talking international
users who are eying Bulgaria and the 10% flat personal and corporate tax
as well as the lower cost of living expense is very attractive to them. There is more interest from international users being generated. So we have hopes. We hope that Greece will solve its internal problems soon, and that
the euro will strengthen, and that the world will somehow come to be
closer to where it was. But it will take a while.

When you started, did you have high expectations for Bulgaria and Sofia as a logistics hub?
No, it's mixed use. In the Logistics Center, all the warehouse space that we built have been leased.
The office space is 85% leased so we are pretty much on our
original target. Some of the rents fell during the crisis but when we
first started leasing, the rents were higher than we had projected.

Have you witnessed anything changing in terms of Bulgaria becoming more open to international trading routes and logistics?
Now we see a larger demand for logistics space, and have designed the Sofia Airport Center to be flexible so some of its space could be either office, or logistics, and we are now looking at logistics.
We have a couple of tenants who want to expand, and I think we will build additional logistics space for them. You know, you must address the market needs.
As we lease this office building up, we will start with out second office building, and keep going. Right now in Bulgaria logistics seems to be in greater demand than Grade A office space.As a foreign investor, what is your take on the Bulgarian
economy? It's seems to be getting nowhere in the past couple of years...
It's been slow. Now it's up. The unemployment was up, now it's down a
little bit. GDP was down, now it's increasing a little bit. It's slow,
there is no question about it. The world is slow.
I think a lot of it has to do with waiting to see what happens with
the US elections, and what happens with Greece and Spain, and the euro
zone. There is a lot of cash but it is sitting on the sidelines waiting
to see how the world is going to shape up.

What is your recommendation for the Bulgarian authorities?
I have been talking to various departments of the Bulgarian
government to try to encourage them to develop some enticements and / or
subsidies to, to attract FDI, foreign direct investment. Companies who want to move here look at the region, and say, "What
can you offer us?" "Oh, we got a 10% flat tax?" says the Bulgarian
government. They answer, "OK, but what else?"
Some other neighboring countries say, "We'll give you subsidies for
taxes for the first five years, we will give you subsidies for utilities
for the first five years, we'll pay your social security taxes."
They will compete with subsidies somehow to allure that company to come over and create jobs.
With what we have built out at Sofia Airport Center, we think we are going to have 8000-10 000 people working here. It's like a small city.
But companies won't come unless they can get something that is a
little better because other countries in the world offer something that
is beyond just what they have. And that's what Bulgaria has to do.
It started to help a little bit because the InvestBulgaria Agency is
now investing some money in road shows, going to different countries. I
think they are now about to go to Singapore and Tokyo, to try to entice
foreign tenants to move here. It will take something a bit more ingenious than that - in my view,
and in the view of the other AmCham members, because we did the road
show in the USA with President Plevneliev recently, and many people
said, "What are you offering us?"

We had an interview 3 years ago, when Bulgaria's new government had just taken over. Back then, you seemed optimistic about it as a foreign investor?...
As something new, you have expectations for a new broom that will
sweep clean. I think everybody had such expectations, a new party, new
ideas that would foster more growth. Because of the EU money that came in, when Rosen Plevneliev was the
Regional Development Minister of Bulgaria, a lot of the infrastructure
got rebuilt, jobs got created, part of that was his vision, his
entrepreneurship, and his background in real estate and construction.
He saw things that hadn't been done, he was able to maybe get a
little more EU money than others might have. Now as President of
Bulgaria, he has many interesting ideas. He is thinking ahead in order
to make Bulgaria better, and to keep the young folks here while
attracting foreign investors.
You have to be thinking outside the box, as we would say, and I think
the Bulgarian government is trying to do that. But politics are
politics. Whenever one party says it's good, the other says it's bad.

I know that you worked with Bulgarian President Rosen
Plevneliev back when he was a developer. I remember that 3 years ago you
were a bit surprised to see him become a government minister, and now
you see him as President of Bulgaria. Was that a good choice for
Bulgaria?
I think it was a great choice. A) Because of his background –
somebody who is not a politician, but with business ground. Somebody who
has been there, done that, who understands the problems. Because
sometimes, if elected officials had never been in the trenches, they
don't understand what the real troubles are.
And I think that's one of the advantages that Rosen brings. He knows
the problems in trying to get permits, land acquisitions and projects
developed. He knows the bureaucracy and the red tape, and what needs to
be expedited. He knows the problems that need to be solved to expedite
business. This is what needs to be done.

Jumping across the Atlantic, how do you expects the US elections will play out economically?
Every politician promises many things but no politician produces half
of what he promises. It's because of the people, and the will of the
people.
If the people don't say, "Hey, fellows, we gave you this job, if you
want to be reemployed when it comes election time, , we need some action
from you. Get serious, get some action, be commercial, and do what's
good for the country!" So that's how you have to deal with politicians'
promises sometimes because all they want is to get reelected.

If we go back to Sofia Airport Center, it
involved a manager like yourself spending a lot of time in Bulgaria. How
has this project changed you? What sort of an experience has it been
for you personally investing in Bulgaria?I travel usually two weeks at home, and two weeks in Europe. Most of
my two weeks in Europe are in Prague, and in Sofia. I've been coming to
Bulgaria for about seven years, and I have seen how the country has
grown, and become more westernized, more educated, more mature.
It has acquired a broader vision about the rest of the world than it
had before – thanks to the Internet, TV, people traveling. Bulgaria is
maturing.
I used to ask people if they know Prague, and tell them that Sofia is
what Prague was 10 years ago. We are roughly 10 years behind in the
growth and maturation of the country but it is getting there. It's going
to take a while longer.
I see the young people in seminars, and trainings, and they want to
learn, they are highly educated, they want to do better. That's good.
People in Bulgaria are anxious to do better, they are ambitious. And
that's what it takes. And that's happening. I see it each year.

You've had the Grand Opening of SAC. What is your message with this investment?

What Tishman is doing with our investment in Sofia Airport Center
in Bulgaria is to honor Bulgaria and its young people by inviting
several of the Bulgarian Olympians and Paralympians to be honored at our
opening.
We have provided financial grants to the federations and teams, so
that the youngsters can get into sports. It's healthy. This ties into
our healthy Grade A buildings. We are here, we like to be good citizens, we like to contribute to
the community and the economy where we do business, and we think that by
helping the young people we can demonstrate that we appreciate the
courtesies that Bulgaria has shown to us. We are here to help them and
help ourselves, obviously but to create more jobs, and hopefully we will
produce financial results for us as well.Article courtesy of Novinite